Where there is extremely strong interest in the company being sold, the competition is not just to see who will be the ultimate investor, but there is competition at each step in the process, as to which investors proceed to the next level--such as which investors receive the information memorandum or proceed to the data room.

Depending on the size and complexity of the company being sold, a data room may contain thousands or even hundreds of thousands of documents, including all relevant client, supplier, employee, financing, and other contracts, as well as title documents, board minutes, and many other documents.

The company has proposed to upstream oil and gas regulator SKKMigas to open its data room for the South Natuna Sea Block B, the agency's spokesman Elan Biantoro told Reuters, noting that such requests were usually made by companies "that want to farm out their participating interests.

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